DBS was founded back in 1968 which is fairly young compared to its competitors. Although, in 1998 they have fully acquired POSB which has one of the largest numbers of bank branches and ATM outlets in Singapore. This acquisition has brought DBS to the forefront to offer services such as the DBS home loan, savings account, and UITFs.

DBS home loan plans

DBS offers their home loan service for the purchase or refinancing of HDB flats and private properties. You may also use the DBS housing loan for the renovation of your home.


To apply for a DBS or POSB home loan, you’ll need to present a photocopy of the front and back of your NRIC. Along with this, you’ll need to show the original quotation from the contractor with the signatures of both the contractor and applicant.


For salaried employees, you’ll be asked for either the latest month’s payslip or salary crediting into your DBS/POSB bank account. You must also show your latest NOA along with either one. If you’ve been employed for less than 3 months, you’ll be also asked for a Letter of Appointment.


If you’re self-employed, you’ll only need to bring the last 2 years’ income tax notice of assessment.


For variable income commission earners, you’ll need to provide the last 12 months’ CPF contribution and the latest 2 years’ income tax notice assessment.

DBS HDB home loan

DBS offers three types of interest rates for you to choose from. Besides the usual SIBOR and fixed rates most banks offer, DBS also offers the fixed deposit home rate (FHR18) +1.58% per annum. This assures you that you will have lower interest rates than usual loans for the first 5 years and it’s also capped at a maximum of 2.5% per annum.


Your maximum loan amount for this POSB loan is up to 80% of either the purchase price or market value, whichever is lower. You’ll also need to provide 20% downpayment of either the purchase price or market value. CPF will be at 15% with a minimum of 5% cash payment. If you’re able to prepay your loan, all the fees will be waived.


DBS home loan: Private property home loan

With the DBS home loan, you can also purchase or refinance your private property. Interest rate packages are the same as the one for HDB loans with the FHR18 + 1.30% per annum as the recommended choice. You may also choose the fixed rate which will five you a fixed interest rate for a number of years and will convert into the FHR18 +1.20% per annum. Alternatively, you may choose the SIBOR rates which will be pegged to a 3-month rate.

DBS home loan: Renovation loan

The POSB housing loan for renovations have a few different characteristics compared to the other options. The minimum income required for the main applicant is SG$24,000 per annum. If a joint applicant is applicable, they must be earning at least SG$12,000 per annum and must be the main applicant’s parent, spouse, child, or sibling.


You are offered a flat interest rate of 2.31% per annum with an EIR of 4.38%. Maximum loan tenure is 5 years and has a minimum of 1 year. Your loan capacity will either be up to SG$30,000 or six times your monthly salary, whichever is the lower amount.


Looking at the DBS home loan to renovate your house? Compare home loans with GoBear Singapore to find the best deal for you.



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